Posted by on Sep 10, 2021 in Uncategorized |

For example, a living trust is often an explicit trust, which is also a revocable trust and may contain an incentive trust, etc. In the United States, the Trust Code uniform provides for appropriate compensation and reimbursement for directors subject to judicial review,[22] although directors may be unpaid. Commercial banks that act as trustees typically calculate about 1% of assets under management. [23] For example, for tax purposes, all income generated by the trust is considered income of the licensor and must be included in the licensor`s income tax return (Form 1040). For estate tax purposes, the entire value of the revocable trust is considered part of the licensor`s taxable estate. .